Business
Further update on b.grn and related matters
Further update on b.grn and related matters.
About this update from Sabien Technology Group Plc
[{"type":"text","content":"\n\n16 May 2023\n \nSabien Technology Group plc\n(\"Sabien\" or the \"Company\")\nFurther update on b.grn and related matters\n \nThe Board of Sabien Technology Group plc (AIM:SNT), a company focused on a green aggregation strategy, provides an update on b.grn Group Limited (\"b.grn\"), the Special Purpose Vehicle (SPV). Formed in partnership with Parris Group Limited on 21 December 2021, b.grn has made significant progress in pursuing its waste plastic recycling strategy.\nSince this formation, b.grn has engaged actively with the Company's technology partner, City Oil Field (\"COF\"), in pursuit of its strategy to develop waste plastic recycling sites in the United Kingdom and worldwide. \nOn 2 November 2022, Sabien announced that b.grn had entered into a binding contract with COF for the supply of the first 24 tonne plastic to oil recycling plant using COF's Regenerated Green Oil (\"RGO\") system on a site in the Midlands region of the UK (the \"Midlands\").\nFurther advancing its ambitious plans, on 17 April 2023, Sabien announced the signing of a significant Memorandum of Understanding (\"MOU\") between b.grn, COF, Hanyang Corporation (\"Hanyang\"), and Woori Technology Inc. This MOU establishes the intent of the parties to jointly deliver a Recycling Cluster Project for the Midlands site. The collaboration with these key partners strengthens b.grn's position in the waste plastic recycling sector.\n \nDuring a recent visit to the UK, Sabien and COF executives met with various public and private entities to advance this strategy. Notably, two key agreements were signed, further solidifying the b.grn Group business plan:\n \n1. Sabien - Parris Group - COF Memorandum of Understanding\nThe existing shareholders of b.grn, Sabien and Parris Group Ltd, have signed a further Memorandum of Understanding with COF (the \"MOU 2\"). The MOU 2 sets out a series of restructuring steps (subject to contract) that will have the ultimate result of restructuring b.grn in the following way:\n· b.grn will be owned equally by Sabien, Parris Group Ltd and COF (one third shareholding for each party - currently Parris Group Ltd own 66.67% and the Company 33.33%);\n· b.grn will hold the rights to manufacture RGO systems under licence from COF;\n· &nbs...